What do actor Zach Galifianakis and the cast of “Duck Dynasty” have in common? They could be the new pitchmen for Twinkies and other beloved Hostess snack brands, according to the brands’ potential buyer.

Evan Metropoulos, part of a team that is offering $410 million to buy the Hostess brands out of bankruptcy, told Bankruptcy Beat Tuesday afternoon that the “Hangover” star—a fellow “Greek guy” and friend—and the reality-television show cast are on the list of famous faces who may be in line to sell Twinkies to a new generation of snackers.

“We have a million A-list celebrities and athletes and so forth that are dying to be associated with the Hostess brands like Twinkies,” said Metropoulos, whose family owns Pabst Brewing Co. “We are going to be pulling out a couple fabulous names.”

The long national nightmare is nearly over: the Twinkie has a new home.

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Hostess Brands confirmed this afternoon that it has agreed to sell its snack cake business, including that legendary cream-filled yellow cake, to private equity group Apollo Global Management and Metropoulos & Co. The duo will pay $410 million for the brands, five bakeries and some equipment in a deal that now requires a judge’s signature.

“At this point Hurst Capital has determined not to pursue an increased bid for select assets of Hostess due to the likelihood of increased potential costs levels and execution risks which exceed Hurst Capital’s investment performance criteria,” they said in a statement.

Among the products being bought by Apollo and Metropolous are Twinkies, Ho Hos, Ding Dongs and Donettes. The approval of the deal is expected to come at a hearing on March 19.

Mexican bakery giant Grupo Bimbo SAB de CV is challenging a $30 million bid from one of its biggest rivals for Hostess Brands Inc.’s Beefsteak rye brand.

Bloomberg News

Grupo Bimbo, which identifies itself as one of the world’s largest baking companies, made an opening bid of $31.9 million to ensure its participation in a Thursday auction, a person familiar with Hostess’s sale process said Wednesday.

Flowers Foods Inc., the nation’s second-largest baker by sales behind Grupo Bimbo, earlier agreed to serve as the stalking horse for the auction, setting a floor price of $30 million in a deal that was approved by the bankruptcy court and meant to drum up enthusiasm for the assets.

The final purchase price could head even higher, driven up by bidding. Grupo Bimbo’s current offer includes the $900,000 breakup fee promised to Flowers if it loses at auction, plus the $1 million incremental bid necessary to participate in the contest, the person familiar with the sale process said.

They’re under the age of 30 and don’t have any notable acquisitions to their name. But 26-year-old twins Austin and Zach Hurst, self described “Tech Twins” according to their website, nonetheless remain in the mix to acquire Hostess’s iconic Twinkie brand and other cakes businesses, according to people familiar with the negotiations.

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Hurst Capital LLLP (that’s not a typo), the Sarasota, Fla.-based private-equity firm run by the brothers, in November filed a letter of intent to acquire Hostess assets with the bankruptcy court in New York overseeing the Twinkie-maker’s case. Now, people familiar with the negotiations say they are part of the current discussions about bids.

Hurst has about $1 million on hand and five portfolio companies to its name, with one garnering $250,000 in annual sales, according to Austin Hurst.

The brothers got their start investing in tech startups, including a video-sharing service that competed with giant YouTube, now owned by Google Inc., according to Mr. Hurst. They formalized their fund in June 2012.

Front and center of their website says, “Click here if you like sushi.” Also up high is an outsized clock featuring “Your local time.”

The site talks the investing talk, saying: “We have a unique portfolio of [patented] technologies and consumer products in a very diversified investment vehicle executing long and short term strategies to achieve long tail objectives.”

As we learned earlier this month, publicly traded Flowers Foods and Grupo Bimbo are in the lead to acquire the bread portion of the bankrupt Hostess, including Wonder Bread.

But Hostess is looking for a separate deal for its cake businesses, including Twinkies and Ding Dongs, the part of the business that’s inspired an outpouring of emotion and a run on the sweets since Hostess announced it was liquidating last year. Apollo and Metropoulos have been looking at deals together and were talking about a joint bid, WSJ also reported earlier.

And keep an eye on Hurst Capital, a tiny private-equity firm run by a set of 26-year-old twins, who have managed to get themselves a position here.

Private-equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co. are in discussions about teaming on a possible bid for Hostess Brands Inc.’s cakes business, said people familiar with the matter.

They are vying with other potential bidders to be the opening bidder in a looming bankruptcy auction for the cakes business, which includes the iconic Twinkie and Ding Dongs, among other snacks, one of the people said. The person said Hostess’s sales process for the cakes remains ongoing, so it remains unclear whether the pair would end up becoming the so-called “stalking horse” bidder when the businesses are later sold.

A stalking horse bidder agrees to buy assets for a certain price that others can later top at an auction. The opening bidder usually gets a fee if it ends up losing at the auction.

Apollo and Metropoulos have long been looking for a business deal to pursue together, one of the people said.

The New York Post earlier reported the joint interest of Apollo and Metropoulos.

The discussions don’t necessarily mean Apollo and Metropoulos, the owner of the Pabst Blue Ribbon beer brand, will end up bidding on the businesses. But the talks show the wide interest in the brands and their appeal to consumers.

Flowers Foods Inc. and Grupo Bimbo SAB are among those considering bids for Hostess’s bread brands, which includes Wonder Bread.

Hostess Brands has been surprised by the amount of interest its brands have received from potential bidders, CEO Greg Rayburn said Thursday evening.

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But while there’s demand for buying the rights to Twinkies, Ho Hos and Drakes coffee cakes, not one of the 110 potential buyers have raised the prospect of buying the whole sweet shebang, he said.

Rayburn, speaking shortly after a court hearing, said the number of bidders has risen sharply: on Wednesday there were 80 and in just 24 hours there were 110 looking at the liquidating assets.

He said there have been signs of interest from regional bakers looking to add assets and from large customers and supermarket chains looking for brands they see customers clamoring for.

“It’s a broad spectrum of buyers,” Rayburn said while speaking at a conference at the New York Stock Exchange hosted by media outlet The Deal. ” I wouldn’t have predicted our customers would be bidders.”

The number of parties–from regional bakeries to international players–interested in buying a piece of Twinkie maker Hostess Brands Inc. continues to grow, an investment banker for the company said at a hearing Thursday morning.

Reuters

Joshua Scherer, a partner at Perella Weinberg Partners who is advising Hostess, said that the company’s professionals are in talks with 110 parties, some of whom are looking at “a substantial majority of all of our plants, all of our facilities.”

Mr. Scherer called that level of interest in such a large chunk of operations ”unexpected.”

At least six of the parties with which Hostess is in talks have brought on large investment banks to help them in their pursuit of the assets.

“It’s very significant,” Mr. Scherer said of the involvement of the investment banks, “because it indicates to me that not only are these buyers serious, but they are expecting to spend substantial sums.” He said large investment banks usually only assist with transactions valued at hundreds of millions of dollars.

Mr. Scherer said some would-be buyers are touring the company’s facilities. The prospective purchasers include regional bakeries, national competitors of Hostess and consumer food companies. Mr. Scherer said the number of consumer food companies looking at the Hostess assets “has increased dramatically.”

Hostess Brands Inc. said it has received a “flood” of interest for its brands and assets since announcing its liquidation last week.

ZUMAPRESS.com

At a Wednesday court hearing, Hostess attorney Heather Lennox of Jones Day said Hostess may seek court permission within the next several weeks to sell specific assets, with plans to test any offers at auctions “a few weeks after” filing such motions.

“We have received a flood of inquiries,” Ms. Lennox said. “We therefore think there could be very healthy competition.”

Ms. Lennox didn’t name names, but several companies have already been identified as potential buyers. Flowers Foods Inc. of Thomasville, Ga., whose brands include Nature’s Own bread and Tastykake snack cakes, said Monday it has renegotiated lending terms to allow it to tap additional cash. Analysts see that as a clear sign it is gearing up to bid on Hostess assets.

Private equity firm Sun Capital Partners also is interested in making an offer for Hostess’s entire business.

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Dealpolitik is Ronald Barusch's strategic look at deals currently making the headlines as well as the major forces at work in the deal-making world. He was a M&A lawyer with Skadden, Arps, Slate, Meagher & Flom for over 30 years. He retired in 2010 after 25 years as a partner at the firm. Click here for his current and archived columns.